Spring Cleaning: Financial Documents

As we enter the Spring season and culminate tax preparations, a question we keep hearing is, “Which documents do I need to keep?”  Please keep this list in mind to better organize your financial documents as you embark on Spring cleaning this year.

Financial Clutter: What to Keep and What to Toss

Unsure? If certain statements, receipts and documents are used for specific deductions like a home office or business expenses, you will want to maintain the necessary receipts and documents for tax purposes up to 7 years. Reminder: The IRS can initiate an audit within 3 years, pursue under-reported income for up to 6 years and investigate false or fraudulent returns indefinitely.

Please contact us if you have further questions or concerns as you attempt to declutter your financial statements this year.